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AP Business NewsBrief at 3:56 p.m. EST
(AP Online Via Acquire Media NewsEdge) Stocks jump on report of Geithner nominationNEW YORK (AP) _ Wall Street got a boost of confidence late Friday following a report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. Stocks surged, with the Dow Jones industrial average jumping 325 points. It wasn't immediately clear whether the market's advance following the report by NBC News was because it was in favor of Geithner as the Treasury nominee, or because investors are looking to pin down as many unknowns as possible about the new administration. In addition, some on Wall Street have grown frustrated with outgoing Treasury Secretary Henry Paulson over his handling of the government's effort to rescue the banking system.
Pentagon bans computer flash drivesWASHINGTON (AP) _ The Pentagon has banned, at least temporarily, the use of external computer flash drives because of a virus threat officials detected on Defense Department networks. While defense officials would not publicly confirm the ban, messages were sent to department employees informing them of the new restrictions. As part of the ban, the Pentagon was collecting any of the small flash drives that were purchased or provided by the department to workers, according to one message distributed to employees.
Citigroup's options dwindle as shares under $4NEW YORK (AP) _ Citigroup's options are dwindling along with its stock price as the credit landscape deteriorates and fears escalate about future loan losses at the company. As the banking giant's shares slid below $4, analysts said Friday it may be forced to merge or sell some of its prized businesses.
Wal-Mart names Duke to succeed Scott as CEONEW YORK (AP) _ Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division. The surprise change in leadership right before the crucial holiday season comes as Wal-Mart has roared back to success as people looking for bargains shop more at discounters. Still, the company faces hurdles ahead amid slowing growth in the U.S., and analysts say the decision to tap an international executive serves as a testament that the company sees its future growth oversees.
US gas prices dip below $2, lowest in 3-plus yearsHOUSTON (AP) _ Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the global economic contrast between then and now could not be more stark. On March 9, 2005, the last time gasoline cost less than $2, the Dow Jones industrial average closed at 10,805.63. The Dow on Thursday slumped 445 points to 7,552.29, its lowest finish since March 2003.
GM to extend holiday shutdown, will cut productionDETROIT (AP) _ General Motors Corp. will extend its holiday shutdown or make other production cuts at five factories at as it deals with a continued U.S. auto sales slump and fights to stay solvent. Also Friday, the company announced changes at five other factories that could increase production of some models, all based on a volatile U.S. auto market that has slumped to a 25-year low.
Automakers need to make case for government aidWASHINGTON (AP) _ Democratic leaders began laying out conditions Friday that they say Detroit's Big Three automakers need to meet before Congress will consider giving them an emergency $25 billion lifeline. The White House sharply criticized the Democrats for letting the issue linger while taking a congressional recess.
Heinz 2nd-quarter profit jumps 22 percentMILWAUKEE (AP) _ Foodmaker H.J. Heinz Co. said Friday that strong sales of products such as Ore-Ida frozen potatoes and frozen meals boosted fiscal second-quarter profit by 22 percent as cash-strapped consumers cooked more meals at home. The Pittsburgh-based food maker also said it benefited from hedging against currencies. The company reported a $92 million pretax currency benefit from the use of contracts to mitigate unfavorable exchange rates.
Smucker posts 3 percent 2Q earnings gainORRVILLE, Ohio (AP) _ J.M. Smucker Co., the nation's top maker of jams and jellies and now into the coffee market, said Friday that its earnings rose 3 percent in its second fiscal quarter, due to price increases and families choosing to have meals at home in hard times. Smucker earned $51.5 million, or 94 cents per share, for the quarter ended Oct. 31, compared with earnings of $50.2 million, or 87 cents per share, for the year-ago quarter.
Boeing warns of possible layoffs in 2009Boeing Co. may lay off some workers next year as part of an effort to cut costs in response to difficult market conditions and a slowing global economy, a company executive said. In an internal memo sent to employees Thursday, Rick Stephens, senior vice president of human resources, was quoted as saying the aerospace company expects its number of employees to decline in 2009 after several years of growth.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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